Inventory management has become part of almost every type of industry. A proper inventory management system provides several benefits and reduces costs by constantly monitoring inventory levels. An optimum range of inventory can be maintained to reduce storage or warehousing costs while meeting the needs of customers and avoiding any shortage. Inventory data can be used to identify items that fall short or predicted to fall short and these items can then be procured through finance and procurement channels of an organization. Inventory data may also be needed for various organizational functions such as finance and procurement.
Inventory related information is needed for organizational functions such as supply chain management and financial accounting. There can be different views of inventory in different functions. Inventory views can include, for example, current inventory amount stored in supply chain management system and current inventory amount stored in financial accounting for the valuation of the materials. Because of different views of inventory, inventory data is redundantly available and can be inconsistent. But to fulfill various requirements such as legal compliance requirements, there is a need to verify the consistency between the inventory data stored in the different inventory views. However, there can be numerous inventory related entries even for a shorter time period. Verifying the inventory for any given period can therefore be cumbersome and error prone.
It would therefore be desirable to provide an inventory verification method to verify inventory data in an enterprise system.